Rank Group And Gala Coral Return To The Negotiating Table

RANK GROUP AND GALA CORAL RETURN TO THE NEGOTIATING TABLE

10th May, 2012 at 07:15:05
Source: http://www.azonlinecasinos.com

Rank re-opens 200 million casino deal talks with Gala Coral

It appears that Rank Group plc is still interested in acquiring Gala Coral group despite walking away from negotiations at the end of March this year (see previous reports).

The Telegraph newspaper reported Thursday that the two gambling groups have returned to the negotiating table, with Rank still interested in a possible 200 million deal for the casino wing of its rival.

The newspaper reports that the key stumbling block when the last talks broke down was the obligation to take on property leases relating to casinos no longer owned by Gala, though a disagreement over Gala Casinos' pension liabilities was largely resolved. It notes that a successful deal would make Rank the leading casino operator in the UK.

Rank is now 74.5 percent-controlled by Malaysia's Guoco Group following a takeover last year (see previous reports).

Neither Rank or Gala Coral would comment on the resumed casino talks. Gala Coral recently relaunched the Gala casino online using the Playtech platform (see the Playtech casino list for more information) but keeping their IGT games integrated within the product.

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